New Jersey Governor Signs 2025 Budget Appropriations Law, Contains ANCHOR Property Tax Benefit Provisions

The New Jersey Governor approved, with line-item vetoes, the appropriations bill for the fiscal 2025 Budget. The law includes a provision concerning an appropriation for the ANCHOR Property Tax Relief Program. The appropriation is available to provide property tax benefits to eligible homestead owners and tenants on their principal residences, whether owned or rented, pursuant to the provisions of the program. Notwithstanding the provisions of the program to the contrary, for the 2021 property tax benefit: 1) homestead owner residents with 2021 gross income up to $150,000 are eligible for property tax benefits not exceeding $1,500, for gross income over ...